PuriCore sales decreases 9.9% to $10.0 million for first-quarter 2010

May 28 2010

PuriCore (LSE: PURI), the water-based clean technology company focused on developing and commercializing proprietary, green solutions that safely, effectively, and naturally kill infectious pathogens, today issued its Interim Management Statement covering the period January 1, 2010, to March 31, 2010. PuriCore also announced today the proposed issue of £8.0 million in Convertible Loan Notes, subject to shareholder approval, and its Final Results for the year ended 31 December 2009 (see separate releases).

“PuriCore has started the year with Q1 in line with Directors' expectations. With our successful fund raising, we remain on track to execute our business strategies for 2010.”

Q1 Highlights

• Sales of $10.0 million in line with Directors' expectations (Q1 2009: $10.5 million), a 9.9% decrease at constant currency
  • Endoscopy sales increased 86.1% at constant currency to $ 6.2 million
  • Food Safety sales of $3.6 million, a decline of 49.9%, reflecting a significantly higher proportion of lease sales over capital sales in the period
• Cash as of March 31, 2010, of $3.5 million
• Installed more than 200 new Sterilox Food Safety Systems including initial installations for another top-10 US supermarket customer
• Launched the next-generation Sterilox Food Safety System Model 2300
• Secured more than $1 million of Endoscopy on Demand managed service contracts
• Received a new US FDA antimicrobial preservative 510(k) for Vashe Wound Therapy
• Successfully opposed Oculus European wound care patent; no appeal was filed

Post-Period Highlights

• Announced the proposed issue of £8.0 million in convertible loan notes, subject to shareholder approval (see separate release issued today)
• Secured $1.8 million in debt with Republic First Bank to finance Food Safety System lease installations
• Received a new US FDA 510(k) clearance for over-the-counter (OTC) marketing for Vashe Wound Therapy
• Renewed PuriCore Endoscopy's distribution agreement with Minntech, a wholly owned subsidiary of Cantel Medical (NYSE: CMN)

A complete business report for the quarter is available PuriCore's website.

Greg Bosch, PuriCore CEO, said:

"PuriCore has started the year with Q1 in line with Directors' expectations. With our successful fund raising, we remain on track to execute our business strategies for 2010."

SOURCE PuriCore plc